CORONATION SQUARE — Unsurpassed connection and location

CORONATION SQUARE — Unsurpassed connection and location
An artist’s impression of the RM5 billion Coronation Square in Johor Bahru

Strategically located near the Rapid Transit System (RTS) station at Bukit Chagar, Johor Bahru, which is currently under construction, it is hoped that the Coronation Square development that proximity to the station will increase property values and boost revenue for businesses within its boundaries.

Developed by Coronade Properties Sdn Bhd, the development sits on 9.58 acres of land and has a gross development value of RM5 billion. Sandwiched between Jalan Abdullah Ibrahim and Jalan Trus, the project features six towers and a 700,000 sq ft mall linked by a common platform with basement parking with about 4,500 parking bays. Some 700 bays are reserved for RTS users.

Ong: They [infrastructure and economic initiatives] are comprehensive and impactful; they are good for investors. This is a pro-business government initiative and the state government is aggressively pushing to make it a success.

Coronade Properties sales manager, Ong Tee Hui says the developer has recently inked a memorandum of understanding with Malaysia Rapid Transit System Sdn Bhd to construct a pedestrian overhead bridge (POB), a short distance from Coronation Square, on April 25.

“The POB from Coronation Square to the RTS station is 210m [long] and will be constructed by Coronade Properties,” says Ong.

“Another POB from Persada Johor to Bangunan Sultan Iskandar CIQ is 250m [long] and is funded by the public-private partnership unit Unit Kerjasama Awam Swasta (UKAS).”

According to Ong, construction of Coronation Square is progressing well and two of the six towers have been sold.

A 30-storey tower, which is 70% complete, was sold to KPJ Healthcare Bhd. Once operational, it will offer non-ambulatory or non-emergency medical services such as anaesthetic services, dentistry, aged care and paediatrics in purpose-built medical suites.

The other tower, bought by Bank Rakyat, is 35-storey and construction is completed. It will be handed over this year.

Coming along nicely

Another component of Coronation Square is The Coronade Residences, a 37-storey tower launched in February 2023 with a starting price of RM1,200 psf onwards. It is still under construction, at 25% completion, but 100% of its units have been sold. There will be 551 units with three types of built-ups: 267 sq ft, 516 sq ft and 704 sq ft. Ong says the smaller units are designed to cater for commuter-based living.

The facilities include a yoga deck, a swimming pool, a barbeque deck, a playground, a high-terrace garden, a water feature, a jacuzzi, a sauna and a gym.

Ong says that discussions with relevant parties for the hotel, serviced apartments, mall and offices are still ongoing.

Ong advises those looking to get into the development due to its investment potential: “The upcoming serviced apartment is expected to be launched in 3Q this year. It will offer similar unit sizes as The Coronade Residences. The estimated selling price is expected to be more than RM1,300 psf onwards.”

Coronation Square will be linked to the upcoming RTS Link station at Bukit Chagar via pedestrian overhead bridges
Construction of Coronation Square with the 35-storey Bank Rakyat tower (left) is complete and will be handed over this year
The Coronade Residence is 100% sold, 25% complete

Steady overall growth

The ease of connection to and from the RTS station in Bukit Chagar via the POBs will be a boon for Coronation Square as it not only provides services such as banking and medical care as well as parking facilities, but also an avenue for passengers to disperse easily and without fuss. In fact, Coronation Square’s internal road systems are designed to make vehicle dispersal efficient without interfering with pedestrians.

Additionally, workers who may need to move between Malaysia and Singapore can do so with ease, especially if plans to reduce wait times by concluding immigration matters only once within each country, are implemented.

The demand for property in Johor is expected to increase due to the high cost of buying a residential unit in Singapore. On April 27, 2023, the Singapore government announced an increase in Additional Buyer’s Stamp Duty to 60% for foreign buyers and 20% for Singaporeans buying a second home. This has been Singapore’s third round of cooling measures. Moreover, the rental market is also expected to benefit from all the activities in Johor.

“They [infrastructure and economic initiatives] are comprehensive and impactful; they are good for investors. This is a pro-business government initiative and the state government is aggressively pushing to make it a success,” says Ong.

  • https://www.msn.com/en-my/money/topstories/coronation-square-unsurpassed-connection-and-location/ar-BB1nV8r2?ocid=00000000

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